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US academic to join MPC
3:12pm Thursday 15th May 2014 in Business
A FORMER White House economic policy adviser has been appointed to the Bank of England committee responsible for setting interest rates.
Kristin Forbes, who served in the Bush administration between 2003 and 2005, will take on the role in July, having been appointed as an external member of the monetary policy committee (MPC) by Chancellor George Osborne.
She is the second woman recruited to the committee this year after the appointment of Egyptian-born economist Nemat Shafik as a deputy governor. The committee has been all-male since the departure of Kate Barker in 2010.
Dr Forbes is a professor of management and global economics at the Massachusetts Institute of Technology. She has been appointed on a three-year term and will hold one of nine votes to decide the UKs monetary policy.
Mr Osborne said Dr Forbes was an economist of outstanding ability with real practical experience of policy making.
He added: "She will make an exceptionally strong addition to the MPC. Its a sign of the high regard in which the Bank of England and our monetary framework are held around the world that someone of Kristin's ability wishes to be part of them."
Bank governor Mark Carney said: "She will be a superb addition to the committee and will bring a wide range of experience from her policy, research and private sector roles. I look forward to working with her."